FOOTBALL.

New Zealand Tablet, Volume XVI, Issue 4, 18 May 1888, Page 27

FOOTBALL.

St. Patrick's College t. Wangawui Cou^ksiate Sobool. On Tuesday, the 3rd inst., the above teams, for the second time, tried conclusions on Newtown Park, Wellington. The visitors arrived by the late train on Wednesday night, and were met on the station by a deputation from St. Patrick's. The Wanganui team (Oxford blue and white) was as follows : — Full back, Blair ; three-quarters, Bryce, Williams, Bennet ; halves, Bannister and Jollie ; forwards, Marshall (captain), Houldsworth, Currie, Whiteman, Hunter, Brown, Montgomery, Fraser, Crawford, and Aldworth. St. Patrick's (Cambridge blue and black), was represented by :— Full back, Blunders ; threequarters, McMahon, Sheedy, and Mcllroy ; halves, O'Shea (captain), and Roche ; forwards, Mahoney, Hodgins, Bourke, Burnes, Cooney, O'Dwyer, H. Houldsworth, Gaffeney, and W. Houldsworth, The Wanganui boys were slightly the favourites, as it was thought they had tke advantage in weight. O'Shea, winning the toss, took the kick-off and Marshall elected to play with the sun at his back. The weather was gloriously fine, but the ground was a trifle hard. There was a fair attendance, and considerable interest was taken in the match. Shortly after three o'clock Burnes kicked off. The ball was quickly sent into tonch by Blair. From the line out Houldsworth (Wauganui), got away with a great rush, but was soon grassed by O'Shea. St. Patrick's forwards rushed the ball into the visitor's twenty-fives and there it remained the whole of the first spell. Both teams placed a great deal of confidence in their backs, and the passing and running on both sides was very brilliant. A series of scrummages took place on the black's goal line, Bannister relieving the pressure by a neat punt into touch . Sheedy had four shots at goal but be was unsuccessful. The blacks were forced down six times in quick succession. Short runs by Burke. McMahon, and O'Dwyer once more placed the Wangauui goal in danger, and Cooney following up smartly, touched down for the blue and white. The kick at goal by Burnes, although a good one, was cot a snecess. Shortly before the end of the first spell, Williams was compelled to retire for a few minutes owing to a slight accident. Half time was called whea the ball was in close proximity to Wanganui line. The second spell had barely commenced when McMahon dashed across the visitor's line, close to the corner flag. Burnes again failed to increase the score. After the kick out the Blues, by a number of forward rushes, in which Hodgins, Gaffeney, and Burnes were conspicuous.'invaded the visitors' territory and Cooney succeedei in touching down a third tim? for the College. Bryce, who is a very powerful yoang man, made herculean efforts to get away, but the collaring of the Blues frustrated his best efforts, he was well backed up by Williams and Bannister but to no purpose. A few minutes before time McMahon, obtaining the ball from O'Shea after some very neat passing by Mahoney and Burke, again crossed the visitor's line. The kick at goal was again a failure. Time was called shortly afterwards, leaving St. Patrick's College victorious by 4 tries to nil. It was evident from the start that the local team was in splendid form. They played with a great deal of combination, and kept the Wanganui team on the defensive during the whole time. The blackg only got the ball past the half-way flag on two occasions, and then its stay was of brief duration. For the Wanganui team Bryce and Williams were a tower of strength in themselves. Marshall, Bannister and Houldsworth also played very well. McManon, O'Shea, Mahoney, Hodgins, Burke, and Burnes were the mokt conspicuous amongst the Blues. Mr. Innes Jones (one of the Wanganui college masters) and Mr. H. McCardle acted as umpires, and Mr. P. P. Webb was referee. In the evening the visiiirag team was entertained at dinner at St. Patrick's College. O'Shea (captain of the local team) in very felicitous terms pioposed the health of the Wanganui collegiate school. Marshall iv responding for Wanganui expressed the hope that the good-humoured rivalry existing between the two colleges would always ba kept up. An adjournment then took place to the large study hill, where some excellent musical selections were rendered by ihu string and brass bands of the College. Mr., Jones rising at the conclusion conveyed the thanks of the Wanganif !• team and mutual cheeiing wound up a very pleasant evening.

The Brass Band discoursed the following selections :—": — " Quick March," Vausoviana," " Young May Moon," " Irish airs"; and " Faucrede," and "Le Caliph de Bagdad," were well rendered by the orchestra, under Mr. Trowell's leadership.

doe to the items coming under the designation of other Liabilities, and is of a casual character and without significance. In deposits proper there is a decrease of £64,000, which upon a total of over ten millions is quite immaterial. The items, Coin and Cash Balances at Bankers, and money at Short Gall in London, Bhow the respectable total of £2,400,000. This is £800,000 less than at our last balance, when the amount was exceptionally high ; the redaction is in large measure accounted for by an increase of £500,000 in bills and securities held in London. I come finally to the important item of Profit, which, apart from deduction for bad debts, amounts to £54,000, by no means so satisfactory a figure as you have been used to. The shrinkage in our profits of late is an indication of the extent to which Bank's earning power is crippled by the accummulation of adrances and securities from which interest cannot properly be taken jto profit, and which, nevertheless, we have felt reluctant to realise "at the serious sacrifice which would be entailed in the present depressed state of values. It is at the same time, we think, satisfactory that notwithstanding this burden, and notwithstanding the unprofitable condition of general business in the Colony, we have been able to earn an amount equal to over 10 per cent, on the Bank's capital ; all the more that the bad debts properly pertaining to the half-year are quite trifling, and would not appreciably affect the result. How to deal with this profit has been the occasion of much perplexity to as, and anxious consideration ; because, on a strict valuation of oar assets, and an equally strict compliance with the terms of the deed of settlement, we should not feel warranted in dividing it without an assurance that we had first provided for all bad and doubtful debts. We have, nevertheless, come to the conclusion that, because of an exceptional development of losses arising out of conditions inherited by the half-year, and because of a depression, which we hope will not be of much longer continuance, shareholders should not be entirely deprived for two half-years in succession of the income from their Bank shares — upon which some of them no doubt in a measure depend — especially at a time when many other investments have become less productive. And we think that we are, on the whole, best consulting the interests of shareholders in recommending that a dividend at the rate of seven per cent, per annum be declared, leaving the balance of the profits of the half-year for appropriation to bad and doubtful debt account. A lift in our commercial horizon would entirely change the aspect of affairs, and in view of the very hopeful prospects of the gold mining industry in our neighbourhood, and looking to the general revival which has occurred in Australia, we think we should be blameable if we adopted a too pessimistic attitude in dealing with the large and important interests committed to us. It will no doubt be ia the mind of many of you to inquire what amount in the opinion of the Board would have to be sacrificed ia order to ensure the early realisation of the assets to which I have alluded, and the consequent restoration of the Banks' profits to their old standard. But you will, I think, recognise the difficulty of giving a categorical reply to such an inquiry, when you consider the present stagnation of the market for property in this country. It must be much a matter of opinion, and is a point on which opinions would vary. We should be glad, however, if you would appoint a committee of your number with whom we could confer on this and some other important matters which call for consideration. We have reason to believe that this course will be satisfactory to many shareholders ; it would certainly be satisfactory to us, and we think it would be advantageous to the Bank. To fill the vacancy in the Board created by the death of the late Mr. Williamson, we have, in terms of the deed of settlement, nominated Mr. Walter Woods Johnston, of Wellington ; and ia the place of Mr. Mr. <J. B. Owen, who has resigned, we have nomin ited Mr. George Buckley, of London, but a New Zealand colonist at present in Auckland — appointments which, we feel sure, will give satisfaction to Southern shareholders and add strength to the Board. As no other shareholder has given notice of candidature we ask you to confirm our action. Gentlemen, it now only remains for me to move — " That the report and balance sheet be adopted."

Mr. F. G. Bwinoton : Mr. Chairman, I have great pleasure in rising to second the adoption of this report and balance-sheet. I think no ordinary interest attaches to this meeting. At a time when the colony is emerging from a very severe trial it is only natural that the eyes, not only of all persons throughout New Zealand, but also throughout the Australian colonies and Great Britain, should be turned to us to see how the Bank of New Zealand will be affected in passing through this trial. Especially does interest attach to us ia New Zealand, because there can be no doubt that every man in every town and hamlet in this colony ia directly or indirectly affected by our welfare. Now, I think that this report and balance-sheet laid before us to-day will allay a great many misgivings. It is no good hiding the fact that there have been misgivings in the past ; all of us have had our misgivings about this gigantic institution. They may have arisen, and doubtless have, from ignorance ; and that ignorance is due in some measure to the fact that the directors have not from time to time given the shareholders very much information. In your address this afternoon you say that the directors ask that a committee of investigation may be appointed. Now I think that that is virtually challenging hostile criticisms. The directors have examined the affairs of the Bank, ami know them thoroughly; md they say : "We know the worst, and we ask that this Committee may be appointed." I, as a shareholder, will be extremely glad if this \Jommittee iB appointed, and I hope that it will consist of gentlemen who are above suspicion, men who are independent, men who will fearlessly examine the affairs of the Bank, and tell us honestly the result of their investigations. If that is done, I think it will be that this institution is resting on a firm basis ; and the worst erflp., of New Zealand could not but wish tnat it is so, becauaj there can be no doubt tbat ii anything went wrong with the Bank of New Zealand, it would throw back the progress of this Uolony by at least twenty -five years. I have mitch pleasure, therefore, in seconding the motion.

The question was then put to the meeting, when the report and balance-sheet were unanimously adopted.

DIRECTORS. Mr. A. G. Hobton said : Gentlemen, I have a motion to propose which I hope will meet with your approval, and it is that the nomination by the Board of Directors of Messrs. Buckley and Johnston to the two vacancies on the Board be confirmed. I think that the appointment of these two gentlemen will be extremely valuable to the Bank of New Zealand, especially in the South. I know myself something of the South and of Southern feeling, and I also know that the Bank has there a large number of shareholders and a great number of constituents, and that there a very valuable portion of its business is conducted. I know something of Mr. Buckley, and I trust we may yet induce him to become a permanent resident amongst us, as I feel certain that his presence on the Board will be valuable in many ways. Mr. Johnston is known to most of us and I believe the appointment of these two gentlemen will give much satisfaction generally to shareholders, investors, and constituents.

Mb, H. Gbeen : I have very great pleasure in seconding the names of these gentlemen as directors. One of the gentlemen I have known for a number of years. I have resided in Wellington for fifteen years altogether, and I have known Mr. Walter Johnston for vary many years. I know something of his business character, and I know something of the measure of his attainments as ,a financial man. Therefore, it is with great pleasure tbat I support the appointment of these gentlemen to the directorate of the Bank . The motion was unanimously adopted. shareholders' committee.

The Chairman : Now is the opportunity— supposing that any of the shareholders' object to such a committee as that suggested by the directors being appointed. Now is the time to determine who should be put upon sach a committee, if it is agreed to appoint it. I shall be very glad to hear any such proposition as has to be made by any of the shareholders.

Mr. Justice Gillies : Mr. Chairman and fellow-shareholders, I think it must be very satisfactory — as has been said by Mr. Bwington — to the shareholders, that the directors have suggested that they should take the shareholders into their confidence. There can be no doubt that widespread doubt and uncertainty have prevailed among the shareholders both in New Zealand and elsewhere, in consequence of the sudden fall ia the dividend of the Bank at the last half-yearly meeting from 12£ per cent, to nothing ; and I think the directors were wise, even although they have been able to declare a dividend on this occasion, in taking the shareholders into their confidence in order to support them in their action, and in order to reassure the shareholders as to the position of the Bank. And I think the action they have taken, in making this recommendation, will recommend itself to the shareholders and to the public as aa evidence of iheir conviction of the soundness of the Bank. I beg to propose a committee, such as that suggisted by the directors— a committee to confer with the present directors and to investigate and report thoroughly on the state of the Bank. Those of you who h*ve the deed of settlement of the Bank will observe by the 100 th section of that deed of settlement that there is provision made for this very tking ; that a special committee of investigation, or, as it is called, special auditors, may be appointed in order to investigate the affairs of the Bank. lam sure the appointment of such a committee will give confidence not only to the shareholders, but also to the outside public ; but, in order that that confidence may be given both to the shareholders and to the public, that committee must be one of a character that will leave their report, whatever it is, above suspicion ; and I propose to nominate a committee, for your approval, of gentlemen who, I think, you will find to be gentlemen of large business capacity, taken from all parts of the colony, who have had no relations hitherto with the management of the Bank, who are in no way dependent upon or indebted to the Bank, and whose report, therefore, may be accepted both by the shareholders an.i the public as thoroughly independent and above suspicion. I have every confidence that the appointment of this committee and their repoit will give increased confidence in the Bank both to the shareholders and to the public ; because if there is anything wrong with the Bank, I do not think the directors would have asked us to appoint a committee, ia the first place ; in the next place, if there is anything wrong, it is juat aa well that we should face it. But I have every confidence that the appointment of this committee and the results of their investigations, will be to show to the shareholders and to the pubic the soundness and stability of the Bank. I therefore propose the following resolution :—": — " That in accordance with the recommendation of the directors, a committee of the shareholders bj appointed to confer with the directors and to act as special auditors to inquire into and report on the affairs of the company generally, in terms of section 100 of the deed of settlement," and that this Committee shall be : Mr. John M'Lean, of Otago— he is very well known throughout the colony, perhaps not so well known in Auckland as in the South, but having known him for upwards of thirty years as a shrewd business man and a man of means, an independent man, I think his name will be a guarantee not only to the Southern shareholders, but also in wider circles, as to the entire independence of the Committee. There is also Mr. Buckley, of Christchurch, whom you have already approved of as a coming director. He has not been a direcior or ia any way connected with the Bank previously ; he has been a large and successful merchant, being a member of the firm of Dalgety, Buckley and Co., and whose business knowledge and capacity, I think, is recognised not only here but in England. There is, then, Mr. Walter Johnston, of Wellington, whom you have also approved of as a director. He is well known throughout the colony, and I think also in London, as a business man of good capacity, and one who has bean in no way connected with the Bank hitherto, and who is under no obligations to the Bank, Theie is also Captain Colbeck, of Auckland. He as you know, has been a large business man in England ; he is a man of independent m:uns here, and his name will carry weight as having been in no way connected with the directorate of the Bank hitherto, and being a capable business man. And I have been asked also to add to this Committee the name of the mover. I confess I would prefer if someone else had been placed on this Committee instead of myself, because my engagements otherwise will prevent my devoting as much time as probably would be required

by this Committee. At the same time, at the request of a large mmber of shareholders, I have consented, if it is your pleasure, to act to the best of my ability, on that Committee. There are five names which I think will guarantee the independence of the inquiry, the fairness, and the justice of it ; and I hope it will tend to strengthen the position of the Bank, and to reassure both the shareholders and the English public, as well as the New Zealand public. Gentle men, I beg toimove the resolution which I have read.

Mr. A Boardman : I beg leave to second that proposition, because to a certain extent it carries out what I myself suggested at •ur last meeting of shareholders. Those present, and those who read the report, will know that 1 took it upon myself strongly to advise the gentlemen who had begun to criticise the balance-sheet and accounts that a criticism of that kind would not only lead to no good, but might do a good deal of evil ; for criticism from want of information is worse a good deal than no criticism at all. I hope that this Committee will do what we could not possibly do in this room. The names of the Committee are those of gentlemen well known throughout the colony, and it is very much better, in my humble judgment, that tbis inquiry, or examination and conference, should take place between a select number of individuals than that we should attempt to go into details and figures in this room, which we cannot do. lam also very glad, as an old Auckland resident, to find that, though this institution was founded, and has for a quarter of a century been well managed, in Auckland, the Committee is not one of Auckland gentlemen only. I think the infusion of new blood into the directorate or the Bank— and without any disparagement at all to the present directors — will have great weight throughout the colony, as Mr. Justice Gillies has said, and also at Home ; and therefore, I hail with great satisfaction the fact that gentlemen of their high standing have conpented to act on this Committee — gentlemen who will represent the entire interests of the colony, and our interests in England also. There is one other matter that I think is an important one. I ventured to say at the last half-yearly meeting — and you will excuse me quoting it — that it was to be hoped that the directors would take into their consideration during the coming halfyear the best means of regaining the ground which the Bank had lost. We have now evidence in the proposition which has been made that they are very anxious to do that in uniting with themselves the best ability they can get ; and there is no better in the colony, I am sure, than that represented by the names we have got. Looking at the reports of this Bank for a series of years past, and knowing as we do the various ramifications of its business, it is quite clear that if the affairs of the Bank — with its capital and its business — if the affairs of this Bank are managed on sound business banking principles, there is not the slightest possible fear for the future of this Bank. In my humble judgment, the Bank will have as great prosperity in the future as it has had in the past. lam quite sure that will be the case, and I feel that the way the shareholders have acted when there was a Budden drop in the dividend, which was a serious thing for many of vs — the way they supported the directors showed their confidence in the stability of the Bank. I therefore cordially support the motion which Mr. Justice Gillies has made, and I am quite sure it will be carried unanimously by this meeting.

Mr, P. Cherry : That proposal has come upon us unexpectedly but I must say that I can see the advisability of such a course. The directors may take great credit to themselves for having so well minaged this institution for so many years, and in having held the confidence of the shareholders unquestioned for many years ; but there is no use blinking the fact that the affairs have been mismanaged recently, for the very fact that nearly one-third of its reserve capital had been lost, and had to be written off, was proof of th.it, and no one can deny it. I have, heard outside such remarks as these : " That balance-sheet is all nonsense ; if you try to realise those assets you could not get the amount set down." What we have seen during the last two or three years has shown that there has been something in these statements. However, the present proposal, as far as I can judge, is a very good one ; I think is is a step in the right direction. Hitherto the directors have had the sole control of the business of the Bank generally. From what I have heard and Been I have nof the slightest objection to the names proposed. The motion was carried without dissent. Mr. G. P. Pierce : — There is one question I should like to ask — namely, whether this Committee which has been appointed, will bring up an interim rpport, or whether it will not bring up its report till the next half-yearly meeting. I presume if an interim repoit is to be brought up it will be necessary to adjourn this meeting. The Chairman : That matter will, of course rest with the Committee themselves. I should apprehend that they will find it convenient to make a report in a short time, and not delay it till next half-yearly meeting ; but, of course, I am not in a position to say what the Committee will do, nor 1o dictate to them anything which they do not think proper or fit. You have appointed the Committee now. and it rests entirely with them as to the action they will take, and the report they will mase to the shareholders, and when they will make that report ; but 1 may express an opinion that if I were placed under similar circumstances, I should be in favour of making a report before the next half-yearly meeting, and I should advocate its being done. But, as I have said, it is entirely in their discretion to deal with the matter as they think fit Mr. G. P. Pierce : I asked the question because it may not be possible to call the shareholders together without s irne long notice perhaps. I have not studied the thing myself. The Chairman : Tncre is no difficulty about it. If you lock

through the cUuses you will find that the directors can call a meeting if they please, and if they do not please, a certain number of t the shareholders can do it. But that will be a matter subsequently for the consideration of the directors, and for the consideration of the shaiebolders thera=elves. if the directors fail to do what the shareholdeis think they shouli do. Mr. H. Green : Two of the gentlemen who haveboeu appointed special auditors hare been elected directors. I would like to ask if

that point has been considered. They will thus act in a dual capacity as auditors and also as directors.

Mr. Justice Gillies : Permit me to explain why I proposed those two gentlemen to be members of the Committee, they being appointed also as directors. The inquiry is into the state of the Bank at the present time, the new directors having had nothing whateTer to do with the direction of the Bank previous to this date. Their duties as directors will be confined to the management of the Bank in the future. The duty of the Committee which has been appointed, is to investigate the status of the Bank at the present time, and consequently there can be no objection to the new directors, but it will be rather an advantage, because they will have an opportunity of making an investigation into the whole state of previous affairs at the time they take office. Mr. H. Gbeen : With all due respect to Mr. Justice Gillies, I see an inconsistency in this matter, because the3e two gentlemen have joined the Board, and therefore their position as auditors is likely to be prejudiced. To my mind it would be more proper if their election as directors did not take place until their duties as special auditors were ended. THANKS. Mb. P. L. Prime : I beg to propose that a cordial vote of thanks be given to the directors and officers of this Bank for their services during the past half-year. I think most of us have confidence in the directors, and think that this vote of thanks is well-earned. Mr. L. D. Nathan : I have much pleasure in seconding the motion. The motion was carried unanimously. The Chairman : It is my duty, on the part of the directors, to thank you, gentlemen, for this mark of your confidence which you have shown towards us. There have been a great many adverse circumstances to the prosperity of the Bank for the last few years, and the directors no doubt have had great difficulties in their way, and a great deal of anxiety, and a great deal of trouble. They have endeavoured during that time to do their best, and now they feel that they are compensated for the trouble they have taken by this expression of your confidence in giving them a vote of thanks. Mr. John Murray (Inspector) : Gentlemen, on behalf of the officers of the Bank, I beg to thank you for thiß renewed expression of your confidence. I need say no more on this occasion, but lam sure that every officer of the Bank will do his utmost to deserve the vote. The scroll minutes were then read, and the meeting terminated.